The9 Signed Legally Binding Memorandum of Understanding on the Purchase of Bitcoin Mining Machines

SHANGHAI, Jan. 25, 2021 /PRNewswire/ — The9 Restricted (Nasdaq: NCTY) (“The9”), a longtime Web firm, at the moment introduced that it signed 5 legally binding Memorandum of Understanding (collectively the “MOUs”) with 5 Bitcoin mining machine homeowners to buy Bitcoin mining machines by the issuance of Class A abnormal shares. After the completion of the transaction, The9 is predicted to personal 26,007 Bitcoin mining machines, with a complete hash price of roughly 549PH/S, accounting for about 0.36% of the worldwide hash price of Bitcoin. Majority of those mining machines have already been deployed in Xinjiang, Sichuan and Gansu in China.

In response to the MOUs, The9 will problem a certain quantity of Class A abnormal shares to every Bitcoin mining machine homeowners in trade for the switch of the Bitcoin mining machines and associated rights and pursuits of equal worth to The9. The9 will designate its wholly-owned subsidiaries together with NBTC Restricted to personal these mining machines.

The9 will designate a third-party valuation agency to conduct examination and evaluation of the honest market value of the Bitcoin mining machines. The events count on to finish the signing of the definitive agreements and execute the transactions inside one month after the signing of the MOUs.

At this time The9 additionally signed the definitive cooperation and funding settlement with Mr. Jianping Kong, the previous Director and Co-Chairman of Canaan Inc. (Nasdaq: CAN, the primary Bitcoin mining machine producer listed on Nasdaq) and the opposite companions, who will all help The9 for its improvement of cryptocurrencies mining enterprise. NBTC Restricted has simply began to buy Bitcoin mining machines, with the plan to ascertain cryptocurrencies mining machine services worldwide.